Financial Affairs 22 October 2016 | Banking Awareness for SBI IBPS UPSC SSC Exams 12:09 PM tags

Union Government launches UDAN Scheme for Regional Air Connectivity

• The Union Government has launched the regional air connectivity scheme UDAN which seeks to get more people to fly in the smaller towns.
• It was launched by the Union Civil Aviation Minister Ashok Gajapathi Raju in New Delhi.
• It will be rolled out by January, 2017 and will be in operation for a period of 10 years.

ESSAR PORTS HANDLES 18.27 MN TONNES CARGO IN JULY-SEPTEMBER

• Essar Ports Ltd (EPL) 21 oct 16 said its cargo handling grew by 35 per cent to 18.27 million tonnes (MT) in the July-September quarter this fiscal from 13.55 MT in the year-ago period.
• Third-party cargo handling has risen by 106 per cent to 1.03 MT in July-September compared to 0.5 MT in the same period a year-ago.
• Over the quarter, the various terminals of the company handled 209 ships as against 179 ships in the corresponding period last year.

MANOHAR PARRIKAR CLEARS RS 900 CRORE ARMY DEAL WITH ISRAEL

• Defence Minister Manohar Parrikar on 20 oct 16 cleared an Army deal worth Rs 900 crore with Israel for procuring combat radio.
• The Army to buy close to 4,900 sets of Tadiran combat net radios from the Israeli firm Elbit.
• The radio sets are used by the Army for communication between soldiers operating in field areas and battle zones.

SBI ADVISES CUSTOMERS TO USE OWN ATMS

•  India’s largest bank, the State Bank of India (SBI), has advised customers to use its own automatic teller machines (ATMs) for safe transaction.
• It is looking to replace within ten days around 6 lakh debit cards which were blocked by it as a preventive measure.

SIDBI Launches ASPIRE Fund

• SIDBI has launched a Rs 60 crore ASPIRE fund to promote innovation, rural entrepreneurship & agri-industry.
• The Rs 60 crore ‘fund of funds’ falls under ‘A Scheme for Promotion of Innovation and Rural Entrepreneurship & agro-industry (ASPIRE)’ for supporting various venture capital funds.
• The government initiative aims at providing the necessary support environment to unleash the potential of MSME.

RBI Relaxes Norms for Startups

• The RBI has said that Foreign Venture Capital Investors (FVCIs) can invest in Indian startups irrespective of the sector in which the startup is engaged without prior permission of the apex bank.
• Sebi-registered FVCIs have also been permitted to invest in unlisted firms.
• FVCIs can also open a foreign currency account and/or a rupee account for the purpose of making transactions

India, World Bank sign $650 Million agreement for Eastern Dedicated Freight Corridor

• India on 21 Oct 2016 signed a 650-million US dollar loan agreement with the World Bank for the Eastern Dedicated Freight Corridor-III (EDFC-III) Project.
• The project will benefit industries of Northern and Eastern India, which rely on railway network for transportation of material inputs and exports.

Arun Jaitley Calls On Private Sector To Invest, Cites Low Cost Of Capital

• Arun Jaitley asked the private sector to loosen its purse strings to make the most of the demand uptick following a good monsoon and softer rates due to controlled inflation.
• India is the world's largest fastest-growing major economy on the back of a spurt in public spending, and private sector joining the bandwagon.

Need To Revive Arbitral Centres To Win Investor Confidence

• Arun Jaitley said efforts are being made to revive the arbitration centres in Mumbai and the national capital with a view to expedite contractual dispute resolution at a lesser cost.
• India, he said, is the bright spot in gloomy world economy and has attracted highest foreign direct investment and to retain investor confidence.
• we need the adequate infrastructure for arbitration, that's an area we have made headway".

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